The world post-financial crisis is expected to be more adopted regulatory economics which is more predictable rather than the one that lead us onto an economic turmoil. This costly financial disorder has made several European countries call for the new Bretton Woods Institutions in order to design a new global financial system. Meanwhile, USA seems to take a classical strategy to overcome the economic crisis, mercantilism. It seems that those solutions aren’t clear enough to fix the architecture of world’s financial economy. Some say that capitalism is now universally accepted as being fundamentally broken. Harold James called it the Marx Renaissance. Weeks ago, there was a momentous forum held in Jakarta. It was the fifth World Islamic Economic Forum (WIEF). A forum that carry a spirit of Islamic economy; a forum that affirm there is a big hope for Islamic economic system as an alternative economic system that gives a different color to what we have today. Representative from Muslim countries gathered to talk about the way how Islamic Financial system can answered problems caused by the failure of conventional financial system. Though generally, WIEF generally talked about Food and energy security, there are some discussions about how Islamic banking can stem the tide of the global financial crisis. Islamic financial system as solution In Islamic financial system, everything is permissible to be traded excepts if there are element uncertainty in the transaction which can cause a speculation and gambling that lead into exploitation of financial system. Conventional financial system is vulnerable with these uncertainties. Derivatives products are examples of uncertainty in conventional economic system. Islamic financial system values more on the microeconomic. Economy activity should have a link to the real asset. The other difference between Islamic financial system with conventional financial system is the prohibition of excessive interest on debt. One of the factors that cause subprime mortgages is also the debt-based financial system which is the basis of conventional economic system. So it is not astonish that Islam prohibits the use of interest on practice of loan which sometimes become the tools to exploit debtor by the creditor. Islam tends to encourages investment through mudaraba (direct risk-participation ventures). The most important thing, Islamic financial system appreciates values of humanity. Economic activity should be framed in the context of human relations and social relations. One should not exploit the other. Justice and fairness are the basic values for the economic activity. That’s what the purposes of Islamic financial system for. Most of the observers say that the Islamic financial system is still left far behind from the conventional one. It can be seen from the slowly growing of Islamic financial system. Others say Islamic financial system is like circum size of conventional system. Despite of the hesitancy, there is a hope to see Islamic financial system as alternative of conventional in doing financial economy. Finishing a Home Work For me, financial crisis is a moment for Islamic financial system to appear as a solution. This should be the time for Islamic financial system to increase their market share. For Islamic scholars and Islamic financial actors, those critics are the homework to be done. The questions such how we build generation that understand about Islamic economic system, what is the best practices of leadership should owned by leaders in private sectors, and how we convince Muslim to trust Islamic financial system. Firstly, we have to prepare human resources who concern on Islamic banking. Till now, our youth have rarely knowledge on Islamic banking. It makes youth have a little seriousness in developing Islamic Banking. Malaysia has an International Islamic University Malaysia (IIUM) which became center of Islamic financial education. Those who want to study about Islamic Financial and banking system can easily study in there. In Indonesia, world class center of Islamic financial education remain few. It is time for us to back to traditional values like integrity, credibility, and humanity that lead to the more justice and fair financial system. We are at the turning point. Spiritual values become inspiration for the emergence of more ethical economy which expunges greediness in economic activity. It is a choice for actors in economic activities to decide whether ethic will be vanished in our effort to chase economic wealth or will be our basic foundation to arrange our future economy. Islamic economic system provides us the bases to create more ethical economy more than the conventional economy. Education is the Key Why Indonesian can’t while Malaysian try to be the center of Islamic Banking. Today, Malaysia is a country that seriously works on Islamic financial system. They forecast that Middle East petrodollar would be abundant due to the high price of oil. The architecture of Islamic financial system has been made in Malaysia far before Indonesian realized the potential of Islamic financial. Though Muslim is only 60 % of Malaysian, the Malaysian sees Islamic financial system as a part of their future economy. Today, Malaysia has already invested on dinar. A part of their international trading is conducted with Dinar and Dirham. These shows how Malaysian Islamic banking actors must struggle to convince ummah to choose Islamic banking as their choice. They can’t just rely on the government’s help or fatwa from Indonesia Council of Ulama (MUI). There’re should be a stronger effort to bring Islamic financial system more familiar to the society. Today, Islamic financial system has already had strong infrastructure. We have already had official regulation regarding Islamic financial systems. Moreover, Islamic Financial has already been a distinctive directorate in Bank of Indonesia.

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